Friends
Well at least we can put the politicians on the back burner for a short period of time, while we focus on earnings season and begin to get some government released economic data. Stocks did experience a little “sell on the news” action at the start of trading fueled by weak earnings selloffs of Dow components IBM and Goldman Sachs. But as the day wore the bulls took control and turned the Dow around from a triple digit loss to nearly break even. The other averages enjoyed nice upward moves.
By the close, the Dow Jones Industrial Average was down a mere 2 points to finish the day at 15,371. The S&P 500 was up 11 points to close at 1733. Gold was up $36 to trade at $1318 per ounce, while oil was down $1.66 to trade at $100.63 per barrel WTI.
Now with the political debate on hold, we’ll take a closer look at the earnings season we find ourselves in. So far, it has been a mixed bag with companies still struggling to grow revenues, but remaining nicely profitable. We’ll see how companies react to their reports over the next 2 weeks. Stay tuned.
Have a nice evening everyone.
